Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.05%. On the last day of every month, theaccrued interest must be paid. On July 8 and August 14, the company made advances of $13,500.00 and $13,750.00, respectively. On July 30, it made apayment of $8,500.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31.(Round all monetary values to the nearest penny.)(Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".)(Give all "Number of Days" quantities as fractions with denominator 365.)DateBalancebeforeTransactionAnnualInterestRateNumber Interest Accruedof Days Charged InterestPayment(+) orPrincipalBalance afterAdvanceAmountTransactionJul 8Jul 307.05%Jul 317.05%Aug 147.05%Aug 317.05%(-)$13,500.00

Variables in the question:Fixed interest rate=7.05%July 8, Advance made=$13500August 14, Advance…

Answered: Vertical Adventures has an open line of…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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